Oversold but not Extremely Oversold
The sell-off has been mostly US centric as most of the Country Fund ETFs are in neutral territory. All three US indexes have ConnorsRSI readings below 20 which means oversold but not extremely oversold. Remember, this pullback started from overbought conditions and ConnorsRSI readings above 80 so there is nothing out of the ordinary beyond […]
Major Market Indexes Starting the Week Oversold
Friday’s selling pushed SPDR S&P 500 (NYSE: SPY) and ETFs tracking other major market indexes into oversold territory within an hour of the open. The PowerRatings web site offers traders a screen that allows them to monitor changes in PowerRatings throughout the trading day. Friday’s intraday action showed that the first hour of the day […]
Few Could Explain Yesterday’s Sell-off
The main concern about yesterday’s sell-off is that few could explain why it occurred. Ideally I like to see specific reasons for nervousness (concern about a specific event) as opposed to random ramblings (“valuations are too high”, “too many IPO’s”). Markets have large declines for specific reasons and we’ll likely soon learn why yesterday did […]
PowerRatings Confirms Financials Are Oversold
Financial Select Sector SPDR (NYSE: XLF) will start trading today with a PowerRatings of 9, the highest rating among yesterday’s top 10 highest volume ETFs. PowerRatings are based on the relative strength or weakness of particular stocks or ETFs. The higher the rating, the greater the one week historical gain has been for stocks and ETFs […]
VXST Options
The CBOE on Thursday launched options on the VXST, the nine-day volatility index created to deliver an even shorter-term hedging horizon than its progenitor, the 30-day Vix. See https://www.cboeoptionshub.com/2014/04/09/new-vxst-options-ten-points-know/ for more information.
8 Winning Trades of the 9 Signals for the Year
Bull market, bull market, bull market. Need I say more? Subscribers to the Daily BattePlan should have locked in gains on the close yesterday on their position in SPY which signaled on Mondays close. In spite of the market basically being unchanged for the year, subscribers have enjoyed 8 winning trades of the 9 signals […]
Mid Caps Offer Additional Upside Potential
SPDR S&P MidCap 400 (NYSE: MDY) gained 0.97% yesterday while ETFs tracking other major market indexes gained 1.08% to 1.71%. MDY was the only major stock market index ETF on a PowerRatings buy signal at the close yesterday. PowerRatings has identified several timely buy signals in MDY over the past several months. Stocks have been […]
Back Into Neutral Territory
Earning Season is upon us and expect stocks to move in line with the numbers, especially early on. Yesterday’s rally took the Country Fund ETF Universe, especially the US inexes, back into neutral territory from being extremely oversold. A normal bull market would see follow-through for a few days from here. Today’s Potential Opportunities on […]
Unknown Extent of Unwinding
Good Morning. The US market is obviously oversold with the ConnorsRSI reading on the three main indexes showing readings below 15. What is unknown is the extent of the unwinding that is occurring by some of the biggest macro names in the hedge fund industry who are bailing out of their high beta stocks and […]
Most Sector ETFs Fall to Oversold After Market Selloff
SPDR S&P 500 (NYSE: SPY) fell 1.11% yesterday with 80% of all the volume on the New York Exchange being to the downside. Heavy downside volume of 80% or more is often a sign that the market has become oversold in the short term. Another sign that a short-term reversal could be near is when […]
Friday’s High Flying Momentum Stocks
Friday’s pullback was healthy as it especially focused on the high flying momentum stocks as seen by the decline in the NASDAQ. Today the market is oversold but not at extremes and another 1-2 days of selling will create a very good buying opportunity. Note for TradingMarkets Members: Larry Connors will be conducting a free […]
Inverse Brazil, Inverse Mexico and U.S. Tech ETFs Top Potential Buy List
Emerging markets were among last week’s winners. ETFs tracking stock market indexes in Mexico and Brazil each gained more than 2% last week. Leveraged inverse funds with exposure to these markets became oversold as the stock markets rose. ProShares UltraShort MSCI Brazil (NYSE: BZQ) and ProShares UltraShort MSCI Mexico (NYSE: SMK) both ended the week […]